Industry Analysis 2017-2023: Aerospace Coatings Market in a Digital World

Global Aerospace Coatings Market was valued at $1,587 million in 2016 and is expected to garner $2,433 million by 2023, registering a CAGR of 6.3% during the forecast period 2017 - 2023.

Asia-Pacific is anticipated to grow at significant rate from 2017 to 2023. Increase in cargo traffic, rise in number of air travelers, and international trade in emerging countries, such as China and India has led to the growth of aerospace industry, which offer lucrative opportunities to market players.

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Aerospace coatings is a high-performance coating material that offers high wear resistance to aircraft surfaces. Its ability to protect against corrosion, ultraviolet rays & solar heat, climatic stress, and fog helps reduce the amount of time and cost required for maintenance and repair. These coatings applied to aircraft surface, engines, fuselage components, wings, propellers, landing gears, interiors, and other components reduce the overall weight of the aircraft and improve the fuel economy, thereby reducing CO2 emissions.

Rise in number of air travelers, increase in cargo traffic, and growth in international trade has led to the development of the commercial aviation industry which is anticipated to fuel the market. Increase in investment in military & defense sector in countries such as the U.S., Mexico, China, India, and Russia is further expected to drive the market growth. Moreover, development of chrome-free technology is projected to act as a market driver during the forecast period.

Polyurethane resin generated the highest revenue in 2016 and is anticipated to maintain its dominance during the forecast period. It has high degree of resistance to the damaging effects of ultraviolet rays from the sun. Moreover, it has high resistance to abrasion, staining, and chemicals.

However, several regulations imposed by the Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe on the usage of a wide range of solvent-borne coatings having high toxic solvents, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs) such as chromium and lead-based heavy metals is projected to hamper the market growth during the forecast period.

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Asia-Pacific and LAMEA collectively contributed approximately two-fifths of the market share in 2016, as cost of flying has increased owing to the rise in the economy and disposable income of the people in various countries such as India, China, Brazil, Indonesia, and Korea.

Top Investment Pocket

Commercial aviation is the most lucrative market for aerospace coatings and is expected, to grow at the significant CAGR during the forecast period. Rise in number of air travelers, increase in cargo traffic, and growth in international trade has led to the development of commercial aviation industry, which fuels the market. Military aviation is the second most attractive market due to the increase in investment in military & defense sector in countries such as U.S., Mexico, China, India, and Russia.

Segment Review

Polyurethane resin type has high resistance to abrasion, staining, and chemicals. It has high degree of resistance to the damaging effects of ultraviolet rays from the sun, which makes it a preferred choice in the aerospace coatings market. It is expected to grow at the highest CAGR from 2017 to 2023.

The key players operating in the global aerospace coatings market include

• Akzonobel N.V.,
• BASF SE,
• Henkel AG & Co.
• KGaA,
• Hentzen Coatings, Inc.,
• IHI Ionbond AG,
• Mankiewicz Gebr. & Co.,
• Mapaero,
• PPG Industries, Inc.,
• The Sherwin-Williams Company, and
• Zircotec Ltd.

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